According
to the REIQ, “The Gold Coast unit market, which is the biggest unit market in
the state with more than 10,000 sales per year, fell 1.6 per cent to an annual
median unit price of $425,000.”

However
the Gold Coast fared better than Brisbane with the State’s capital recording an
annual median unit price drop of 2.2 per cent to $440,000.

Mark
Smith from PRD nationwide Burleigh Heads said he predicted results for the
December quarter would show a further reduction in unit prices and for housing
prices to also record a slowing of growth.

“We’ve
seen a softening of the market in the past two months, but nothing like what
they’re seeing in Sydney and Melbourne,” Mark said, “We could expect prices to
stabilise much sooner than the southern states, thanks in part to our
continually strong population growth.

“People
are still moving here in large numbers from other states, and this, combined
with jobs growth in the LGA will provide some level of buoyancy to the market.”

Mark
said the apparent disparity between the modest growth in house prices and the
drop in unit prices could be attributed simply to stock levels.

“The
Gold Coast has a much higher percentage of units compared to houses than most
regional centres,” Mark said, “So the houses that do go to market can ask a
higher price – there’s less of them in comparison.”

“That’s
definitely what we experience in Burleigh. The typical family home with a
backyard is becoming rarer in our area as more units and townhouses go up to
capitalise on land value. This means house prices in Burleigh are more robust
than other areas.”

For
more information on the future outlook for the Gold Coast and Burleigh Heads
property market contact PRD nationwide on 07 5535 4544 or burleigh@prd.com.au.